Customer Protection and End User Relief Act

Floor Speech

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Mr. AUSTIN SCOTT of Georgia. Mr. Chairman, I also rise today in support of H.R. 4413, the Customer Protection and End User Relief Act.

This legislation clarifies congressional intent concerning end users under the Dodd-Frank law by providing a clear exemption for nonfinancial end users who qualify for the clearing exception under title 7 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Across the country, consumers and businesses alike are confronted with financial risks associated with their day-to-day operations. To manage these risks, they use over-the-counter derivatives to provide price certainty. Consumers, in turn, benefit from these risk management practices through greater stability in the day-to-day prices of the goods that we purchase.

By passing this legislation, Congress provides an exemption from clearing and margin requirements and, therefore, reduces the costs for businesses and individuals who are not financial institutions.

With this exemption, less than 10 percent of the capital involved in the derivatives market is relieved of burdensome regulations. This balance protects the consumer while providing a pro-growth environment for businesses, and we passed very similar legislation in the 112th Congress 370-24.

For this reason, I ask my colleagues to support H.R. 4413, so that we can provide businesses and individuals the tools necessary to manage day-to-day operational risk, while providing much-needed certainty to the American people.

Mr. PETERSON. Mr. Chairman, I am now pleased to yield 2 minutes to the gentlewoman from Connecticut (Ms. DeLauro).

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